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Tethyan Resources PLC (2)
Symbol C : TETH
Shares Issued 73,759,132
Close 2019-06-13 C$ 0.63
Recent Sedar Documents

Tethyan drills 142 m of 0.51% Cu at Rudnica

2019-06-13 06:41 ET - News Release

Mr. Jerrold Annett reports

TETHYAN DRILLS 142 METRES AT 0.51% COPPER AND 0.31 G/T GOLD FROM SURFACE AT RUDNICA; 2019 DRILLING PROGRAM TO INCLUDE DISTRICT TARGETS

Tethyan Resources PLC has released results from seven holes totalling 2,450 metres of core drilling at the Rudnica copper-gold porphyry project in southwestern Serbia. The results include some of the strongest mineralization encountered to date and suggest that the system remains open to the south and southeast where it dips under shallow cover. Details of all drill holes and results are shown in the associated tables.

Highlights of Rudnica drilling

  • Significant drill intercepts include:
    • 142 metres at 0.51 per cent copper and 0.31 gram per tonne (g/t) gold (hole RDD-012, from surface):
      • Including 50 metres at 1.20 per cent copper and 0.25 g/t gold (from a depth of 78 metres);
    • 335 metres at 0.36 per cent copper and 0.31 g/t gold (hole RDD-014, from a depth of 68 metres):
      • Including 59 metres at 0.70 per cent copper and 0.37 g/t gold (from a depth of 142 metres).
  • Holes RDD-012, RDD-014 and RDD-015 ended in significant copper-gold porphyry mineralization, which remains open at depth.
  • The drill holes followed previously released drill results from Rudnica which included:
    • 567 metres at 0.28 per cent copper and 0.45 g/t gold (hole RDD-001, from surface);
    • 291 metres at 0.31 per cent copper and 0.32 g/t gold (hole RDD-003, from a depth of 42 metres);
    • 428 metres at 0.34 per cent copper and 0.27 g/t gold (hole RDD-004, from surface).

Fabian Baker, president and chief operating officer, commented: "These drill results expand the area of known mineralization, with some of the best grades and thicknesses encountered in our stepouts to the southeast. Surface mapping of porphyry-style veins and increasing gold grades in soil sampling up to the edge of the shallow cover correlate well with mineralization in drilling. Drilling has recommenced, with two rigs now on site."

Three scout drill holes totalling 862 metres were drilled at Rudnica North to test anomalous gold and molybdenum in soil sampling and coincident geophysical anomalies. Significant intercepts are shown in the associated table. All three holes intercepted near-surface porphyry-style veining over narrow low-grade intervals, hosted in advanced argillic and argillic-altered diorite porphyry dikes.

The drilling results at Rudnica North demonstrate the presence of an intact porphyry centre with only minor erosion, located approximately 750 metres to the north of Rudnica. The holes at Rudnica North were terminated early due to poor ground conditions and, therefore, only the peripheries of the chargeability and magnetic anomalies were tested. Follow-up drilling will be planned in due course.

2019 drilling program

An image on the company's website shows the coincident gold-in-soil and chargeability highs to the south and southeast of the reported drill holes at Rudnica. The current drill program is testing the lateral and depth potential of this area from existing drill pads. The company has engaged Drillex International, a leading drilling contractor in Europe, to supply two drill rigs with depth capacities of more than 1,200 metres.

Tethyan has also contracted Dr. Steve Garwin, a world-renowned porphyry expert, as a consultant to the company. Dr. Garwin, who was instrumental in the exploration success at Solgold PLC's Cascabel project, is scheduled to be on site at Rudnica in June, along with the company's non-executive director, Donald Taylor, to formulate a district exploration plan for implementation in the second half of 2019. These experts will work on further developing the company's exploration strategy for Rudnica, where permits have recently been received for new drill pads in the southeast area, and for the wider district, where new porphyry and vein targets are being identified. These targets include the Kremice copper-gold porphyry prospect which is located approximately 10 kilometres north of Rudnica and has never been drilled.

Jerrold Annett, chief executive officer, said: "It is exciting that our 2019 exploration program is well under way at Rudnica. Moving forward, our work will expand to include nearby Kremice and Kizevak. Importantly, drilling at Kizevak will follow up on shallow high-grade lead-zinc-silver intercepts that were announced last year and could also be a key near-term value driver for our shareholders."

                           SIGNIFICANT INTERCEPTS, RUDNICA PROJECT 

Hole ID             From           To   Apparent width    Cu grade     Au grade     CuEq grade
                (metres)     (metres)         (metres)         (%)        (g/t)            (%)

RDD-012                0          142              142        0.51         0.31           0.72
including             78          128               50        1.20         0.25           1.36
                     168          253               85        0.35         0.13           0.43
                     276        360.8             84.8        0.21         0.30           0.40
RDD-014                0           30               30        0.04         0.38           0.29
                      68        403.2            335.2        0.36         0.31           0.56
including            107          124               17        0.49         0.24           0.65
and                  142          201               59        0.70         0.37           0.95
RDD-015               84          185              101        0.19         0.16           0.30
including             86        100.4             14.4        0.33         0.16           0.44
                     205          284               79        0.14         0.18           0.26
                     299          427              128        0.14         0.17           0.26
                     519        614.6             95.6        0.17         0.21           0.31

Notes:
(1) Copper equivalent was calculated using the following formula: CuEq equals Cu per cent
plus (Au g/t times 0.67), using assumed metal prices of $6,000 (U.S.)/tonne copper and 
$1,250 (U.S.)/ounce gold.
(2) Metal recoveries of 100 per cent were applied in the metal equivalent calculations.
(3) Intervals were calculated using a 0.2-per-cent CuEq cut-off with a maximum of 10 metres 
of consecutive internal dilution.
(4) The true thickness of mineralized zones is estimated to vary between 70 per cent and 
100 per cent of apparent width. Due to currently limited drilling data, the early stage of 
exploration and variable geometry of the mineralization, the company is currently unable
to estimate true widths accurately. 
(5) Numbers may not add up due to rounding.

                             SIGNIFICANT INTERCEPTS, RUDNICA NORTH PROSPECT 

Hole ID            From          To      Apparent width        Cu grade      Au grade   CuEq grade
               (metres)    (metres)            (metres)             (%)         (g/t)          (%)

RDD-009              32          57                  25            0.03          0.17            -
                     65         129                  64            0.12          0.18            -
RDD-010               4          14                  10            0.03          0.17            -
                     61          72                  11            0.14          0.17            -
                     93         162                  69            0.05          0.21            -
RDD-013               0          26                  26            0.00          0.20            -
                     41          56                  15            0.07          0.24            -
                     71         121                  50            0.03          0.23            -
RDD-011                                     not assayed

Notes:
(1) The true thickness of mineralized zones is estimated to vary between 70 per cent and 100 
per cent of apparent width. Due to currently limited drilling data, early stage of exploration 
and variable geometry of the mineralization, the company is currently unable to estimate true 
widths accurately.
(2) Intervals were calculated using a 0.15 g/t gold cut-off with a maximum of 10 metres of 
consecutive internal dilution.
(3) Numbers may not add up due to rounding.

About Tethyan Resources PLC

Tethyan, a member of the Augusta Group of Companies, is a precious and base metals mineral exploration company incorporated in England and Wales and listed on the TSX Venture Exchange. Tethyan is focused on the Tethyan metallogenic belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralization and compelling drill targets.

Sampling methods and data verification

Drill core samples were collected from half cut PQ- and HQ-diameter core, where the core was sawn along a predefined cutting line. Sample intervals were selected by the geologists based on geological criteria including the presence of alteration and mineralization, style of mineralization, and lithological contacts. Minimum sample lengths of 0.5 metre and maximum sample lengths of two metres were employed. Each sample weighed between two kilograms and 13 kilograms, depending on the length of the sample and diameter of drill core. The entire drill hole was sampled. Data verification was conducted by the qualified person including checking of detailed geological logs against core observations, core photographs and analytical results. In addition, digital data were verified using industry-standard software to validate the drill database prior to entering data into the master database. No check assays have been conducted to date.

Quality assurance and quality control

The drill core sampling program and sampling protocols were supervised by Tethyan's exploration manager, Andrew Tunningley, MAusIMM (CP), who is a qualified person as defined by National Instrument 43-101. Quality assurance was provided through provision of standard operating procedures for the collection and submission of samples as well as data handling and management. Quality control was monitored through the insertion of one certified reference material sample and one blank sample per batch of 20 samples. One duplicate sample was also inserted per batch.

Samples were delivered by Tethyan personnel directly to the ALS Chemex preparation laboratory in Bor, Serbia. Sample pulps were sent to ALS Rosia Montana for gold analysis by 30 g fire assay with AA (atomic absorption) finish (Code Au-AA23) and ALS Loughrea for 33-element four-acid digest ICP-AES (code ME-ICP61).

Qualified person

The technical information in this news release has been reviewed and approved by Tethyan's exploration manager, Andrew Tunningley, MAusIMM (CP), who is a qualified person as defined by National Instrument 43-101.

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